Posted at: 02/03/2014 6:28 AM
Updated at: 02/03/2014 5:56 PM
By: News Staff
An artist's rendering of some of the proposed redevelopment.
Photo: Gramercy Communications
TROY – The now empty lot where Troy City Hall used to be may soon see new redevelopment.
City officials revealed plans on Monday to turn the area into a combination of things that could include apartments and a farmers market, along with other properties.
There is also the possibility that City Hall could move back as part of the redevelopment project, but that is still being discussed.
"Since 2009, One Monument Square has come to be a physical void. However, it's prime location in the heart of downtown and the Hudson River makes it a prime location to improve as the redevelopment in Troy continues. The process to find the best development team project has been a long one as we all know. It's taken patience, perseverance, and even a little bit of disappointment," said Troy Mayor Lou Rosamilia.
The cost of the mixed use project is estimated to be $27 million. Rosamilia says most of the money will come from private sources.
Phase 1 of the project that includes the apartments and the farmers market is scheduled to be open in 2015.